You are also required to read and reply to other students (at least 2) , as indicated in each discussion assignment. Your replies should offer new substantiated ideas or thoughtful questions.I encourage friendly debate and disagreement but ask that it be courteous and respectful. Do not be afraid to speak your mind, but remember that yours is only one opinion.***************************Classmate 1: Wendy Morales Module One (1) ReflectionTrue to Cornett, Adair, and Nofsinger’s (2011) assertions, the world of finance is indeed broad. From corporate finance processes like analysis of financial statements, capital structure, and dividend policies to economic performance, finance concepts help in appreciating certain processes in organizations. Finance applies in not only business but also life through activities such as personal budgeting to ensure efficient utilization of limited resources. The course addresses critical issues that I believe I believe are important in personal life and professional practice. Specifically, the time value of money, review, and analysis of financial statements (Kimmel, Weygandt & Kieso, 2018). In my view, the concept of the time value of money can help organizations have a view of their future in present terms. The practices such as discounting for present and future value is critical in the valuation of projects and business value. I also believe that financial statement is critical in understanding the financial performance and position from different perspectives as liquidity, profitability, solvency, and asset management.From personal experiences, finance concepts such as budgeting have been helpful in the planning and management of financial resources. By understanding the processes, I have been to plan for income and expenditures, avoiding possible wages. Additionally, I was able to apply the review and analysis concepts of financial statements as an intern. Businesses prepare balance sheets, income statements, and statements of cash flows as the major financial statements (Kimmel, Weygandt & Kieso, 2018). These statements reflect the financial health of a company. As an intern, I applied different analysis tools such as ratios and common-size analysis, which I believe are crucial in financial decision-making processes for organizational stakeholders. Cornett, Adair, and Nofsinger (2011) define ratio as the process of calculating and analyzing financial ratios to assess performance. The assessment processes inform the actions to improve organizational performance and competitiveness.ReferencesCornett, M., Adair, T., & Nofsinger, J. (2011).Finance: Applications and theory. McGraw-Hill Higher Education.Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2018).Financial accounting: Tools for business decision-making. John Wiley & Sons.Classmate2 : Olivia Fernandez Reflection 1In our book, finance is defined as “the study of applying specific value to things we own, service we use, and decisions we make.” (Cornett, Adair, & Nofsinger, 2020, p.3) Financial management is vital to any establishment that plans to thrive. This module teaches us how we can apply finance not just in a business setting but in our personal life. At some point, we will all apply finance in our life whether it is making a credit card payment or going to a dealer to buy a car (Cornett, Adair, & Nofsinger, 2020). My most recent experience with finance was through my dad. He recently decided he wanted to refinance our house since interest rates are exceptionally low. They had offered him a few options. He had to calculate which option would save him the most money in the long run. That specific process is achieved through finance. This course provides us with so many tools that will be useful throughout our life and will help guide us in making smart financial decisions.ReferencesCornett, M. M., Adair, T. A., & Nofsinger, J. R. (2020). Finance: Applications & theory. New York, NY: McGraw-Hill Education.